Business
TOMI Environmental Solutions, Inc. Reports First Quarter 2020 Financial Results
BEVERLY HILLS, Calif., May 18, 2020 (GLOBE NEWSWIRE) -- TOMI Environmental Solutions, Inc.® (“TOMI”) (OTCQB:TOMZ), is a global company specializing in
About this update from Tomi Environmental Solutions, Inc.
[{"type":"text","content":"BEVERLY HILLS, Calif., May 18, 2020 (GLOBE NEWSWIRE) -- TOMI Environmental Solutions, Inc.® (“TOMI”) (OTCQB:TOMZ), is a global company specializing in disinfection and decontamination, utilizing its premier Binary Ionization Technology (BIT™) platform through its SteraMist products - a hydrogen peroxide-based mist and fog composed of ionized Hydrogen Peroxide (iHP™), announced its results for the first quarter of 2020.\n TOMI Chief Executive Officer, Dr. Halden Shane stated, “In the beginning of 2020 the world saw a surge globally for disinfectants and an enhanced level of clean to help prevent and mitigate the spread of the SARS CoV-2 coronavirus, which has put TOMI and its SteraMist® line of products front and center in the fight against this global pandemic. During this pandemic our customer base has grown significantly. We remain committed to keeping up with the increased demand and ensuring that those fighting against the SARS CoV-2 virus are well-equipped with our technology and solution. We continue innovating for a safer world by fighting coronavirus and other known and emerging pathogens.” Financial Results for the Three Months Ended March 31, 2020 compared to March 31, 2019 Total net revenue was $7,053,000 compared to $1,253,000, representing an increase of $5,800,000, or 463%. SteraMist® product-based revenues was $6,638,000 and $1,029,000, respectively, representing an increase of $5,609,000 or 545%.Service-based revenue was approximately $415,000 and $224,000, respectively, representing a year over year increase of 85%.Domestic revenue was $3,569,000 and $1,136,000, respectively, representing an increase of $2,433,000, or 214%.International revenue was approximately $3,484,000 and $117,000, respectively, representing an increase of $3,367,000 or 2,878%. Gross margins were 63.6% compared to 60.6%. The higher gross profit is attributable to the product mix in sales.Income from operations was $2,659,000, compared to a Loss from operations of ($868,000), representing an increase of $3,527,000, or 406%.Net Income was $2,619,000, or $0.02 on a per share basis compared to a Net loss of ($935,000), or ($0.01) on a per share basis, representing an increase of $3,554,000, or 380%.Cash provided from operations of $3,316,000, compared to cash used in operations of ($649,000).EBIDTA was $2,831,000 compared to an adjusted net los...